Dolby Laboratories, Inc. (NYSE:DLB) Stake Lessened by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC trimmed its stake in shares of Dolby Laboratories, Inc. (NYSE:DLB) by 6.5% during the fourth quarter, HoldingsChannel reports. The fund owned 2,655 shares of the electronics maker’s stock after selling 185 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Dolby Laboratories were worth $207,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Fifth Third Bancorp raised its stake in shares of Dolby Laboratories by 82.7% in the 4th quarter. Fifth Third Bancorp now owns 360 shares of the electronics maker’s stock valued at $28,000 after purchasing an additional 163 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Dolby Laboratories by 436.2% in the fourth quarter. Nisa Investment Advisors LLC now owns 370 shares of the electronics maker’s stock valued at $29,000 after buying an additional 301 shares during the last quarter. Mather Group LLC. raised its stake in Dolby Laboratories by 36.8% during the fourth quarter. Mather Group LLC. now owns 528 shares of the electronics maker’s stock valued at $41,000 after buying an additional 142 shares in the last quarter. GAMMA Investing LLC raised its stake in Dolby Laboratories by 207.5% during the fourth quarter. GAMMA Investing LLC now owns 778 shares of the electronics maker’s stock valued at $61,000 after buying an additional 525 shares in the last quarter. Finally, Wealthfront Advisers LLC bought a new position in Dolby Laboratories during the 4th quarter worth approximately $94,000. 58.56% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DLB. Barrington Research reissued an “outperform” rating and set a $100.00 price target on shares of Dolby Laboratories in a research report on Thursday, February 13th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Dolby Laboratories in a research note on Thursday, January 30th. Finally, StockNews.com downgraded shares of Dolby Laboratories from a “strong-buy” rating to a “buy” rating in a research report on Friday, January 31st.

Insider Transactions at Dolby Laboratories

In related news, CMO Todd Pendleton sold 18,121 shares of the stock in a transaction that occurred on Wednesday, February 19th. The stock was sold at an average price of $83.75, for a total value of $1,517,633.75. Following the completion of the transaction, the chief marketing officer now directly owns 37,290 shares of the company’s stock, valued at $3,123,037.50. This represents a 32.70 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Mark Andrew Sherman sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $84.88, for a total value of $3,395,200.00. Following the completion of the sale, the executive vice president now owns 62,397 shares in the company, valued at approximately $5,296,257.36. This represents a 39.06 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 65,121 shares of company stock worth $5,501,324. Insiders own 38.39% of the company’s stock.

Dolby Laboratories Trading Down 2.4 %

Shares of Dolby Laboratories stock opened at $72.61 on Friday. Dolby Laboratories, Inc. has a twelve month low of $66.35 and a twelve month high of $89.66. The stock has a market capitalization of $6.93 billion, a price-to-earnings ratio of 26.70 and a beta of 0.94. The business’s 50 day simple moving average is $80.68 and its 200-day simple moving average is $78.42.

Dolby Laboratories Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, February 19th. Shareholders of record on Tuesday, February 11th were paid a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.82%. The ex-dividend date was Tuesday, February 11th. Dolby Laboratories’s payout ratio is 48.53%.

About Dolby Laboratories

Dolby Laboratories, Inc creates audio and imaging technologies that transform entertainment at the cinema, DTV transmissions and devices, mobile devices, OTT video and music services, home entertainment devices, and automobiles. The company develops and licenses its audio technologies, such as AAC & HE-AAC, a digital audio codec solution used for a range of media applications; AVC, a digital video codec with high bandwidth efficiency used in various media devices; Dolby AC-4, a digital audio coding technology that delivers new audio experiences to a range of playback devices; and Dolby Atmos technology for cinema and various media devices.